Price movements on the GBP / USD currency pair are seen to rise again after the decline shown at the beginning of this week's market opening session.
The Pound Sterling currency remains seen as risky to trade in the market with the pressure of a pandemic crisis urging the government to further tighten movement restrictions in the UK.
After the price dropped to 1.35200 in the RBS zone (resistance become support), the rise was displayed at the New York session yesterday.
The price hike was driven by the depreciation of the US dollar as investors more cautiously awaited the testimony of US Treasury Secretary Janet Yellen to the Senate Finance Committee on the Covid-19 stimulus package.
The price continued to rise in the Asian session this morning testing the SBR (support become resistance) zone of 1.36000 after overcoming the Moving Average (MA50) barrier within the 1 hour time frame of price movement.
Prices give an early signal for a trend change but price movements are still seen in a bearish trend.
However, if the price continues to rise higher, the resistance level at the height of 1.37000 will be the main target destination of the price.
Exceeding that level will push the price to record the latest high level since trading April 2018.
On the other hand, if the price fails to pass the SBR 1.36000 zone and plunges again, the price will continue the downward trend and test the support level on the RBS 1.35200 zone yesterday.
The lower downtrend has the potential to hit the previous support level around the 1.34000 zone.
